Personal Money · Monday, 19 October 2026
Sellers in Britain cut asking prices on more than 3,000 homes a day in September, the most for 15 years, as mortgage rates sit at three-year highs
A home cut in price waits 119 days for a buyer, against 39 for one that is not; Birmingham landlords collect benefit for support some residents never get, and an African island's name is sold as a casino licence.
3,000+
homes a day had their asking price cut in Britain in September
the most in any month for 15 years, Rightmove says
119 days
the typical wait for a buyer after a price cut
a home that kept one price waited 39 days
5.94%
the average five-year fixed mortgage rate in late September
the highest since October 2023, Moneyfacts says
54,918
mortgages approved for buying a home in August
the fewest in any month since December 2023
The lead story — what happened
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Home sellers in Britain cut the asking price on more than 3,000 homes a day on average in September, figures from the property website Rightmove show.
[1] -
That was the most in any month for 15 years. Rightmove blames a glut of homes for sale and some sellers setting their hopes too high.
[1] -
About a third of the homes on the site, 34%, had their price cut in September, close to the peak of 36% in September 2023.
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The average cut was nearly 7%, about 21,000 pounds off a typically priced home.
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A home that had its price cut typically took 119 days to find a buyer. A home that kept one price took 39 days.
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Once a home has sat online for months, buyers start asking why it has not sold, said Katie Griffin of a Devon surveying firm.
[1] A seller may then have to accept an offer below even the lowered asking price, she said.[1] -
Zoopla, a rival property website, counted 5% more homes for sale in September than a year earlier, and 9% fewer sales agreed.
[1] -
A quarter of the homes newly listed in September had already been for sale in the past year, and six in ten of those came back at a lower price, Zoopla found.
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Buyers are borrowing at three-year highs. The average five-year fixed mortgage reached 5.94% in late September, the highest since October 2023, said Moneyfacts, a firm that tracks loan deals.
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Lenders approved 54,918 mortgages for buying a home in August, the fewest since December 2023, figures from the Bank of England, the UK's central bank, show.
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Mortgage rates rose after the war with Iran began in late February and pushed up oil prices.
[2] The Bank of England held its own rate at 3.75% in September and said it is likely to rise if energy prices stay high.[16] -
Homes sell fastest in Scotland, where a seller must get an independent valuation before listing: 74% listed in spring sold within three months, against 30% in London.
[1] In inner London, 88% of flats listed in 2025 found no buyer within six months, Zoopla says.[5]
Who is involved
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Rightmove
a UK property website where sellers list homes; it counted the price cuts and shared them with the BBC
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Zoopla
a rival property website; it counted homes for sale and sales agreed
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The Bank of England
the UK's central bank; it sets the main interest rate and counts mortgage approvals
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Moneyfacts
a firm that tracks the mortgage and savings deals on offer; it measures average rates
How it unfolded
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Late Feb The war with Iran begins and pushes up oil prices and mortgage rates
[2] -
12 Apr The average two-year fixed mortgage peaks at 5.90%, Moneyfacts says
[4] -
Aug Rightmove's average asking price falls 2%, the biggest August drop in eight years
[3] -
Aug Lenders approve 54,918 home-buying mortgages, the fewest since December 2023
[2] -
Sep Sellers cut asking prices on more than 3,000 homes a day
[1] -
28 Oct John Healey, the UK chancellor, gives his first Budget
[16]
Where this points
The next reading is the Bank of England's count of mortgage approvals for September; a figure below August's 54,918 would mean buyers are still pulling back.
What is pushing on the whole day
The bar and the word are our reading of how hard each one is pushing today. The arrow is where it is heading. The evidence is in the stories below.
Mortgage rates in Britain are at three-year highs, so buyers keep to tight budgets and sellers cut prices.
A Birmingham landlord can collect extra housing benefit while offering only 'more than minimal' care.
A block of flats in north London has waited since April 2024 for the Building Safety Regulator to approve its cladding work.
Alan Milburn, who leads a UK review of young people out of work, says the benefit system pays cash but gives too little help into jobs.
The rest of the day
8 more stories on this beat.
Each with its own sources. None of these is a link to the story above.
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02
Birmingham landlords paid for care they skip
BBC Panorama found private firms in Birmingham collecting housing benefit for vulnerable people while giving them little of the support it pays for.
[7] The scheme, called supported exempt accommodation, houses people such as former prisoners and women fleeing abuse, and pays enhanced housing benefit to cover the support.[7] The UK benefits ministry paid 410m pounds for it in Birmingham last year, for more than 34,000 residents.[7] One provider was paid 443 pounds a week for one woman's room and support.[7] 34,000Birmingham22,000LondonPeople living in supported housing, by BBC Panorama's figures. London has more than seven times Birmingham's population and far fewer residents in it. Why it matters — By law a provider needs to offer only 'more than minimal' care, and the city council approves each claim while central government pays.
[7] A 2023 law to license these landlords is still stuck in consultation three years later.[7] -
03
Milburn: move benefit money into job help
Alan Milburn, a former UK health secretary who leads a government review of young people out of work, told the Guardian that ministers should cut benefit spending to pay for more help into jobs.
[8] His review counts a record 1 million people aged 18 to 24 who are not in work, education or training, and 60% of them have never had a job.[8] Ministers have put off his final report until after the Budget.[8] 3 of 9
young people out of work and study who claim no benefits
Each figure is 100,000 people aged 18 to 24 in Great Britain at the end of 2025, by the IFS's count. Three of the nine claim nothing. Why it matters — About a third of these young people claim no benefits at all, the Institute for Fiscal Studies, a research group, found, so a cut would reach only the two-thirds who do.
[10] Only Romania, among the 27 EU countries, has a higher share of young people out of work and study, the Resolution Foundation, a think tank, said in May.[9] -
04
An island's name sold as a casino licence
Online casinos buy licences in the name of Anjouan, an island in the Comoros off south-east Africa, the Guardian reports.
[11] Anjouan's licensing authority says they must apply through a website run by a UK company in north London.[11] The Comoros central bank says the scheme is illegal and uses the country's name to look legitimate.[11] Nearly 1,500 gambling firms hold the licences.[11] Some are accused of refusing to pay out winnings, and some are advertised as not on GamStop, the UK tool that lets gamblers block themselves from betting.[11] Why it matters — The website offers a licence for 19,000 pounds, and an industry source said one in Curacao, a Caribbean island tightening its rules, costs about 80,000 pounds.
[11] Harold Sorsky, one of the company's owners, said it has not handled gaming licences since 2023, and the Comoros government has asked the UK for help.[11] -
05
Six years of scaffolding, no cladding work
Archway Heights, a nine-storey block of flats in north London, has been wrapped in scaffolding for more than six years for cladding work that has not started, the Guardian reports.
[12] Safety rules brought in after the fire at Grenfell Tower, a London block of flats, require the work, and it cannot begin until the Building Safety Regulator approves it.[12] The regulator says the first application, in April 2024, was invalid, and the second, in January 2025, has needed several requests for more information.[12] Why it matters — Residents say rents and service charges rise every year, and they got 250 pounds twice a year in compensation until Acorn, a community union, won an increase.
[12] Places for People, the UK's biggest housing association, owns the block and says it is waiting on the regulator.[12] -
06
Massachusetts votes on smaller house plots
Voters in Massachusetts will decide on 3 November whether to cap the minimum plot for a single-family home at 5,000 square feet, HousingWire, a US property news site, reports.
[13] More than half the towns in the east of the state now require at least an acre for each house.[13] To pass, 'yes' votes must be a majority and also equal 30% of all ballots cast.[13] The question sits seventh of nine on the ballot.[13] Why it matters — Backers say smaller plots mean smaller, cheaper starter homes, and their campaign has raised more than 1.7 million dollars, much of it from property groups.
[13] In California, a vote on Proposition 45 would set deadlines for environmental reviews of housing and other projects.[13] -
07
Ten US states allow plug-in solar
Ten US states now let households use plug-in solar: panels and a battery that connect to an ordinary wall socket, ZDNet, a technology news site, reports.
[14] Utah was the first.[14] About two dozen more states have bills in progress, and New York's is waiting for the governor's signature.[14] Bills failed in Georgia, New Mexico, Oregon, Washington and Wyoming.[14] The panels were kept illegal because US home wiring was not built to take power in through a socket.[14] Why it matters — Power companies are the biggest obstacle, ZDNet says, and they would sell less power if the panels spread.
[14] The new laws stop power companies blocking the panels, but landlords and homeowners' associations can still ban them.[14] -
08
Volunteers save 1m pounds of food for food banks
Gleaning Cornwall, a charity in south-west England, has collected 1m pounds' worth of fruit and vegetables left in fields after harvest and given it away.
[15] Its volunteers deliver the food to 160 food banks, community larders and kitchens, and it says it feeds 11,000 people a week.[15] Places giving out free food in Cornwall rose from 20 in 2015 to 180, Cornwall Council says.[15] A council study found 30% of the county's children live in food poverty.[15] 20Food aid places, 2015180Food aid places nowPlaces giving out free food in Cornwall, by Cornwall Council's count. Why it matters — The charity says the cost of transport, storage and planning is rising fast, and it needs funding to keep going.
[15] Its rule is that all the food is free to the people who get it.[15] -
09
Six million in the UK lack a bed or cooker
About six million people in the UK live without basics such as a bed, a cooker or a fridge, End Furniture Poverty, a national charity, says.
[17] Scratch, a charity in Southampton that has run for 27 years, says it is busier than ever, with two vans out every day.[17] Most social housing is let empty: over a quarter of social tenants live in furniture poverty, but only about 3% of those homes come furnished.[17] Why it matters — Families who cannot pay may turn to loans with high interest instead, a Portsmouth charity says.
[17] End Furniture Poverty wants 10% of social homes let furnished, and the UK government points to a 1bn pound fund that can be used to help households get furniture.[17]
When a licence unlocks money, someone starts selling the licence
A licence or an 'exempt' label lets its holder collect money. When the test behind it is cheap, people pay for the label and skip the work.
The twist
Banks and benefit offices act on the licence or the label itself, so the cheaper one is to get, the more people will sell it.
The picture
How it works
- A licence or a label lets its holder collect money
- Banks, councils and payment firms trust it without checking again
- So the label itself is worth paying for
- Where the test behind it is cheap, people buy the label and skip the work
- The money keeps flowing, and the care or checks it promised do not arrive
The same force, elsewhere today
Where this chain is also running, in today's other stories.
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Birmingham's supported housing
The 'exempt' label lets a landlord collect 443 pounds a week for one room and its support, and the law asks only for 'more than minimal' care, so some take the money and skip the care.
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The Anjouan casino licences
Banks and payment firms are more willing to deal with a casino that shows a licence, so casinos buy one for about 19,000 pounds from a scheme its own government calls illegal.
Where you've seen this
Ships at sea
Owners register ships in countries that sell their flag cheaply and inspect lightly.
Bought degrees
A certificate from a college that teaches nothing can still get someone hired.
Bond ratings
The firms that grade a bond are paid by the company selling it.
The catch
A strict check stops the selling, but it costs time and holds up honest applicants too: Archway Heights has had scaffolding for over six years while its cladding plans wait for approval.
And the whole of it
A Birmingham resident with no support worker, a gambler who is not paid and a taxpayer funding housing benefit each see one part of these deals. Anyone who trusts a 'licensed' sign before paying is in the same position, and the firm selling the licence is the one placed to see all of it.
What is really going on
In Birmingham, the UK benefits ministry paid 410m pounds last year for housing with support, and one provider was paid 443 pounds a week for a woman who says she got almost no help.
Why it works on us — Words like 'licensed' and 'supported' sound as if somebody checked, so banks, payment firms and residents rely on them without asking who did the checking or how.
Who gains
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Buyers in Britain with a mortgage offer
— They choose among more homes, and the average price cut takes nearly 21,000 pounds off a typical home.
[1] -
Firms that manage supported housing and also trade the houses
— A Second City company managed one woman's shared house, and a sister firm bought it for 191,000 pounds and sold it a year later for 410,000.
[7] Their owner, Darren Davey, says about 150,000 pounds went on renovation and other costs first.[7] -
The UK company behind the Anjouan licence website
— ACS Global Custodian's bank balance rose from 13,130 pounds to 614,826 pounds in 2025, at the same time as a rush of casinos seeking Anjouan licences.
[11] -
Casinos with no strict licence
— A cheap licence makes banks and payment firms more comfortable doing business with them, an industry analyst told the Guardian.
[11] -
Property groups backing smaller plots in Massachusetts
— They gave much of the more than 1.7 million dollars raised for the vote, and smaller plots let more homes be built on the same land.
[13]
Who pays
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Sellers who priced too high at first
— A home whose asking price was lowered typically waits 119 days for a buyer, against 39 days for a home that was never cut.
[1] -
Residents like Alysha in Birmingham
— 443 pounds a week of housing benefit was paid for her room and support, and she says the support did not come; the provider's lawyers deny that it was poor.
[7] -
UK taxpayers
— The benefits ministry paid 410m pounds for supported housing in Birmingham alone last year, and the council that approves claims does not pay for them.
[7] -
Archway Heights residents
— They have lived behind scaffolding for over six years while rents and service charges rose every year.
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Gamblers trying to stop
— Some Anjouan casinos are advertised as not on GamStop, the UK tool that lets people block themselves from betting.
[11]
What nobody knows yet
Open questions from across today’s stories — ours included.
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01
Whether the price cuts will pull down what homes actually sell for.
Rightmove counts asking prices on its own site, not the prices buyers finally pay.
[1] A conveyancing firm's boss told the BBC that sellers who bought well may still not be losing money.[1] -
02
How dear a mortgage is right now.
Moneyfacts put the average five-year fixed rate at 5.94% in late September.
[2] Zoopla put five-year rates at about 4.8% in August, and Rightmove's tracker had two-year rates at 5.09%.[6] [3] Each one averages different deals on different dates. -
03
How many young people are out of work and study.
The Guardian gives the Milburn review's count as a record 1 million aged 18 to 24.
[8] The Resolution Foundation cited 1,012,000 aged 16 to 24 in early 2026, and the IFS nearly 900,000 aged 18 to 24 at the end of 2025.[9] [10] -
04
Whether moving benefit money into job help would save money.
Milburn says the benefit bill could fall over the medium term, but only after upfront spending that sources put at hundreds of millions of pounds.
[8] No costing has been published, and his final report comes after the Budget.[8] -
05
How many supported-housing residents get the support that is paid for.
Panorama reports cases, not a count, of residents with little or no support and of 'ghost tenants' listed at addresses where they do not live.
[7] -
06
Who arranges Anjouan casino licences today.
Anjouan's licensing authority says casinos must apply through Anjouan Corporate Services, the website the Guardian traced to the UK company.
[11] Harold Sorsky says his company has not handled gaming licences since 2023 and another provider now does.[11] -
07
When the cladding work at Archway Heights will start.
The Building Safety Regulator says the application has needed several requests for more information, and neither it nor Places for People has given a date.
[12] -
08
Whether Massachusetts' plot-size question gets enough votes.
It needs a majority and 'yes' votes equal to 30% of all ballots cast, and it sits seventh on a nine-question ballot.
[13]
Volunteers at Gleaning Cornwall have collected 1m pounds' worth of fruit and vegetables left in harvested fields and given all of it away free. The charity now reaches 160 food banks, larders and kitchens and feeds 11,000 people a week.
Also true today
- Ten US states now allow households to plug solar panels into an ordinary wall socket, and a law to allow them in New York is waiting for the governor's signature.
- The UK government has changed the rules so that people living in supported housing can earn more from work without losing their benefits.
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